As a dealer, the risks you face from identity theft can be significant and growing. According to the FBI, it’s one of the nation’s fastest growing crimes – and auto dealers have become prime targets. In fact, fraud cases involving auto loans and leases are reported every three minutes. That equates to nearly $1 Billion dollars in fraud-related losses in the automotive industry every year.*
- An easy, first-step ID verification tool that satisfies certain requirements under the Red Flag Rules
- Helps protect dealerships against fraud and identity theft
- Easy-to-read explanations for any ID inconsistencies
- Delivered automatically with every credit report
- 3-digit score: the higher the score, the greater the likelihood of identity risk
- CredcoServices.com is conveniently available as a backup to dealer sales and finance platforms
Now you can fight this growing risk with BuyerID Index, a risk-based identity verification score designed to help you prevent identity theft before it happens.
BuyerID Index provides a first step in our complete ID verification process. Automatically delivered along with the buyer’s credit report, it provides a three-digit numeric score (ranging from 000 to 999) that indicates the level of risk associated with that buyer – the higher the score, the greater the probability of identity risk.
BuyerID Index helps you quickly confirm a customer’s identity by verifying their Social Security Number, address and telephone number. Generated in seconds, it provides an ID verification score along with easy-to-read explanations for any ID inconsistencies. Discrepancies are displayed in a logical, simplified layout for easy interpretation.
CoreLogic Credco provides a comprehensive Red Flag Solution that includes BuyerID Index, OFAC Screening and credit reporting services to help you minimize fraud-related losses, and maintain compliance with the Red Flag Rules.
*Derived from the Federal Trade Commission, 2006 ID Theft Complaint Data Report.